Spotify buys music production marketplace SoundBetter

Spotify buys music production marketplace SoundBetter

The Spotify logo is displayed on a screen on the floor of the NYSE in New York
The Spotify logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, US, May 3, 2018. (File photo: Reuters/Brendan McDermid)

STOCKHOLM: Spotify Technology has acquired music production marketplace SoundBetter, the music streaming service said on Thursday (Sep 12), without disclosing terms of the transaction.

New York-based SoundBetter will become part of the Spotify for Artists feature, which provides insights, profile management and promotion tools to artists and their teams, the Swedish company said.

SoundBetter's platform allows hiring of musicians, audio engineers, producers and songwriters. The company was formed in 2012 and has over 180,000 artists registered on its network, according to the statement.

Spotify's monthly active users, which included its ad-supported free version, surged 29 per cent to 232 million people in the second quarter.

Source: Reuters/zl

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